Biogen Idec (BIIB) reported earnings and revenue well ahead of analysts expectations and raised their top line full year guidance by 13% points.

NEW YORK (TheStreet) -- Biogen Idec (BIIB) shares are up 10% to $335 Wednesday after the biotech company reported a year-over-year 40% second quarter increase in revenues to $2.4 billion, beating analysts' $2.2 billion consensus estimate. The company also raised financial guidance for the remainder of 2014.

Earnings for the quarter were $3.49 per diluted share, well ahead of analysts' expectations of $2.83 per share. The company's outsized profits were driven by better than expected sales of the multiple sclerosis drugs Tecfidera and strong Avonex sales. Tecfideral sales totaled $700 million worldwide, trouncing the consensus estimate of $558 million. On its conference call, Biogen executives said Tecfidera's launch in Europe was stronger than it had anticipated. especially in Germany, which accounted for nearly 75% of the $115 million in overseas sales.

Biogen raised its full year guidance, increasing total revenue growth expectations to between 38% and 41%, up from its own previous estimates of between 26% and 28% growth, as well as Wall Street's consensus estimate of 28% growth.